Japan’s GDP growth for the last quarter has been revised slightly downward, mainly because consumers and companies spent less than initially reported.
The Cabinet Office says the economy in the April to June period expanded in real terms from the previous quarter at an annualized 2.9 percent. The estimate from last month was 3.1 percent. The expansion was the first in two quarters.
Private consumption accounts for more than half of Japan’s GDP. It was up 0.9 percent, slightly lower than the preliminary reading of 1 percent. It turned positive for the first time in five quarters.
Analysts are watching whether consumers will continue to loosen their wallets.
Corporate capital investment also came in a bit lower than estimates, up 0.8 percent compared to the earlier figure of 0.9.